ADB names Timah as example of firm with good corporate governance
Thursday, February 24 2000 - 02:40 AM WIB
President of state-owned tin mining firm PT Tambang Timah Erry Riyana Hardjapamekas said on Wednesday that the Asian Development Bank (ADB) has named Timah as example of company with good corporate governance.
Speaking in a seminar, Erry said that four other state companies were also named by the bank, but he didn't mention their names.
Most state companies had been regarded as poor performing firms and had been traditionally treated as the cash cow of the former president Soeharto and his cronies.
But the current administration of President Abdurrahman Wahid under pressure from the international donors vow to eliminate corruption and improve corporate governance.
ADB is one of the major sponsors for improving corporate governance in the country.
Meanwhile, Erry also said that Timah's 1999 net profit declined by 39 percent to Rp 318 billion on lower ouput and commodity price and the appreciation of the rupiah against the U.S. dollar. Timah exports most of its products.(*)